A Review of Approaches for Detecting Vulnerabilities in Smart Contracts within Web 3.0 Applications

Abstract

Smart contracts, programs running on a blockchain, play a crucial role in driving Web 3.0 across a variety of domains, such as digital finance and future networks. However, they currently face significant security vulnerabilities that could result in potential risks and losses. This paper outlines the inherent vulnerabilities of smart contracts, both those typical of their applications and those unique to Web 3.0 applications. We then systematically classify the techniques based on their core approach to detecting vulnerabilities in smart contracts. Using these approaches, we conduct a comparative analysis of existing tools in terms of their vulnerability coverage, detection effectiveness, open-source availability, and integration capabilities. Finally, we present the Co-Governed Sovereignty Multi-Identifier Network (CoG-MIN) as a case study to demonstrate the significance of smart contract application security in establishing a community with a shared future in cyberspace during the Web 3.0 era and anticipate future research directions with challenges. To conclude, this study addresses the gap in integrating existing smart contract security research with the advancement of Web 3.0 development, while also providing recommendations for future research directions.

Ethereum Smart Contract Vulnerability Detection and Machine Learning-Driven Solutions: A Systematic Literature Review

“…2: How is blockchain used to improve cyber security? 3: What methods are available for blockchain solutions to manage securi [13] 1: What are the static analysis tools available for Ethereum blockchain SC Electronics 2024, 13, x FOR PEER REVIEW [34] Technical aspect, future directions survey 2021 n [4] Difficulties and future trends review 2022 n [13] Analysis tools SLR 2022 se [35] Vulnerability detection and machine learning survey 2022 n [36] Vulnerability detection tools within Web 3.0 survey 2023 n [14] Security threats, collaborative defense review 2023 n [37] Vulnerability detection survey 2023 n [38] Platforms, applications, and challenges review 2023…”

“…4: What are the solutions to the identified challenges? [36] Vulnerability detection tools within Web 3.0 survey 2023 not clear 3  2011-2023 [14] Security threats, collaborative defense review 2023 not clear 3 2018-2023 [37] Vulnerability detection survey 2023 not clear 3 Until 2023 [38] Platforms, applications, and challenges review 2023 clear 1  2015-May 2020 1 The identification, exclusion, eligibility, and inclusion methodology are clear. 2 The number of selected papers is not clear.…”

“…4: What are the solutions to the identified challenges? [35] Vulnerability detection and machine learning survey 2022 not clear 3 Until 2021 [36] Vulnerability detection tools within Web 3.0 survey 2023 not clear 3  2011-2023 [14] Security threats, collaborative defense review 2023 not clear 3 2018-2023 [37] Vulnerability detection survey 2023 not clear 3 Until 2023 [38] Platforms, applications, and challenges review 2023 clear 1  2015-May 2020 1 The identification, exclusion, eligibility, and inclusion methodology are clear. 2 The number of selected papers is not clear.…”

“…In another study, a survey [36] reviews the approaches for vulnerability detection in SCs within Web 3.0 applications. The method of article selection has not been demonstrated in this research.…”

Web3: Exploring Decentralized Technologies and Applications for the Future of Empowerment and Ownership

“…Smart Contracts: as the core component of Web3, smart contracts are bound to have a huge impact on the security of specific Web3 projects. Due to the inability to modify smart contracts after deployment, any vulnerabilities or errors may result in user funding or system paralysis [72]. CeriK, a blockchain security audit firm, reported that in the first half of 2022 Web3 initiatives incurred losses exceeding USD 2 billion from cyberattacks and vulnerabilities, primarily within the domain of smart contracts.…”